Nelson, the best plan out there right now is the Neighborhood Stabilization Program (NSP). It only applies to REO/Bank Owned properties. It pays up to 20% of the cost of the property. I have clients who are getting $30,000 from the government. What's the catch, you ask? If you leave before 15 years you've got to pay it back.

Good luck,
Mark LeMenager
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The First Tinme Home Buyers Tax Credit has expired, the repeat home buyers tax credit has also expired. However there has been talk of extending the program as it has had good results in stimulating buyers. I believe there is currently a bill in the house regarding this. Wouldn't hurt to check with your State Senator's office for updates.

I'm thinking they will offer the $7,500 FTHB and $6,500 long term homeowner program again but it will neeed to be repaid over 15 years or $500 per year.

Otherwise.... we could see serious price declines.

There are a number of programs that may be available to you. Programs are not just offered by the federal government, state and local governments offer programs too. In addition, lenders, employers, and credit unions sometimes have programs available to buyers. In particular if you are willing to buy in particular areas. Check with your local agent, mortgage broker, and local government sites for the best programs available in your area.

Timing can be critical with some programs. Some builders and home sellers may also be willing to provide assistance in the way a deal is structured. Be sure that any terms are clearly disclosed in the contract and disclosed clearly and properly on the HUD-1.

At this time none that I am aware of--the past first time buyer Federal Tax Credit was not extended.